Working Papers
On the Transition to Sustained Growth: The Importance of Recent Agricultural Employment, with Guillaume Vandenbroucke,
Federal Reserve Bank of St. Louis Working Paper 2023-026G, May 2025.
Private Information and Optimal Infant Industry Protection, with Raymond Riezman and Yuzhe Zhang,
Federal Reserve Bank of St. Louis Working Paper 2022-013C, April 2024, Revise and Resubmit, American Economic Review.
Enduring Relationships in an Economy with Capital and Private Information, with Aubhik Khan and Latchezar Popov,
Federal Reserve Bank of St. Louis Working Paper 2020-034C, September 2020, Revise and Resubmit, Review of Economic Studies.
A Benefit of Uniform Currency, with Neil Wallace,
Munich Personal RePEc Archive Paper No. 22951, May 2010.
Publications
Technology adoption, mortality, and population dynamics, with John Hejkal and Guillaume Vandenbroucke,
The Economic Journal, February 2025.
Trade and Inequality in an Overlapping Generations Model with Capital Accumulation, with Jun Nie and Michael Sposi,
International Journal of Economic Theory, December 2024.
Trade Liberalization versus Protectionism: Dynamic Welfare Asymmetries, with Ana Maria Santacreu and Michael Sposi,
European Economic Review, April 2024.
Majority Voting in a Model of Means Testing, with Buly Cardak and Gerhard Glomm,
European Economic Review, February 2020.
Capital Accumulation and Dynamic Gains from Trade, with Ana Maria Santacreu and Michael Sposi,
Journal of International Economics, July 2019.
Explaining Cross-Cohort Differences in Life Cycle Earnings, with Yu-Chien Kong and Guillaume Vandenbroucke,
European Economic Review, August 2018.
Capital Goods Trade, Relative Prices, and Economic Development, with Piyusha Mutreja and Michael Sposi,
Review of Economic Dynamics, January 2018.
Measuring Openness to Trade, with Michael Waugh,
Journal of Economic Dynamics and Control, November 2016.
Talent, Labor Quality and Economic Development, with German Cubas and Gustavo Ventura,
Review of Economic Dynamics, July 2016.
The Quantitative Importance of Openness in Development, with Wenbiao Cai and Raymond Riezman,
Economic Inquiry, April 2015.
Unemployment Insurance Fraud and Optimal Monitoring, with David Fuller and Yuzhe Zhang,
American Economic Journal: Macroeconomics, April 2015.
Price Equalization, Trade Flows, and Barriers to Trade, with Piyusha Mutreja, Raymond Riezman, and Michael Sposi,
European Economic Review, August 2014.
Why do Education Vouchers Fail at the Ballot Box?, with Peter Bearse, Buly Cardak and Gerhard Glomm,
European Journal of Political Economy, December 2013.
Optimal Auditing and Insurance in a Dynamic Model of Tax Compliance, with Yuzhe Zhang,
Theoretical Economics, May 2012.
The Return to Capital and the Business Cycle, with Paul Gomme and Peter Rupert,
Review of Economic Dynamics, April 2011.
A Generalized Volatility Bound for Dynamic Economies, with Christopher Otrok and Charles Whiteman,
Journal of Monetary Economics, November 2007.
Public Education and Income Inequality, with Gerhard Glomm,
European Journal of Political Economy, June 2003.
Habit Formation: A Resolution of the Equity Premium Puzzle?, with Christopher Otrok and Charles Whiteman,
Journal of Monetary Economics, September 2002.
Costly Technology Adoption and Capital Accumulation, with Aubhik Khan,
Review of Economic Dynamics, April 2002.
Evaluating Asset-Pricing Models using the Hansen-Jagannathan Bound: A Monte Carlo Investigation, with Christopher Otrok and Charles Whiteman,
Journal of Applied Econometrics, April 2002.
Human Capital Accumulation and Endogenous Public Expenditures, with Gerhard Glomm,
Canadian Journal of Economics, August 2001.
Growth and Risk-Sharing with Private Information, with Aubhik Khan,
Journal of Monetary Economics, June 2001.
Capital Markets and the Evolution of Family Businesses, with Utpal Bhattacharya,
Journal of Business, April 2001.
On the Political Economy of Means-Tested Education Vouchers, with Peter Bearse and Gerhard Glomm,
European Economic Review, EEA Papers and Proceedings, May 2000.
Robust Wald Tests in SUR Systems with Adding-up Restrictions, with Surajit Ray and Eugene Savin,
Econometrica, May 2000.
Minimum Consumption Requirements: Theoretical and Quantitative Implications for Growth and Distribution, with Satyajit Chatterjee,
Macroeconomic Dynamics, December 1999.
Competitive Equilibrium and Public Investment Plans, with Gerhard Glomm,
Journal of Economic Dynamics and Control, August 1999.
Chaotic Dynamics in a Cash-in-Advance Economy, with Ronald Michener,
Journal of Economic Dynamics and Control, May 1998.
Increasing Returns, Human Capital, and the Kuznets Curve, with Gerhard Glomm,
Journal of Development Economics, April 1998.
Opting Out of Publicly Provided Services: A Majority Voting Result, with Gerhard Glomm,
Social Choice and Welfare, March 1998.
Flat-Rate Taxes, Government Spending on Education, and Growth, with Gerhard Glomm,
Review of Economic Dynamics, January 1998.
Productive Government Expenditures and Long Run Growth, with Gerhard Glomm,
Journal of Economic Dynamics and Control, January 1997
Endogenous Public Policy and Multiple Equilibria, with Gerhard Glomm,
European Journal of Political Economy, December 1995.
Public Investment in Infrastructure in a Simple Growth Model, with Gerhard Glomm,
Journal of Economic Dynamics and Control, November 1994.
Growth-Inequality Tradeoffs in a Model with Public Sector R&D, with Gerhard Glomm,
Canadian Journal of Economics, May 1994.
Strategic Complementarity in Business Formation: Aggregate Fluctuations and Sunspot Equilibria, with Satyajit Chatterjee and Russell Cooper,
Review of Economic Studies, October 1993.
Public versus Private Investment in Human Capital: Endogenous Growth and Income Inequality, with Gerhard Glomm,
Journal of Political Economy, August 1992
A Neoclassical Model of Seasonal Fluctuations, with Satyajit Chatterjee,
Journal of Monetary Economics, February 1992.
Convergence or Divergence? A Look at GDP Growth across Richer and Poorer Countries, with Amy Smaldone and Dawn Chinagorom-Abiakalam.
On the Economy Blog, August 2024
How the Big Mac Index Relates to Overall Consumer Inflation, with Amy Smaldone,
On the Economy Blog, April 2024
Has Better Nutrition Driven Down Mortality Rates?, with Amy Smaldone,
On the Economy Blog, February 2024
Economic Development and the Evolution of Mortality, with Amy Smaldone,
On the Economy Blog, October 2023
TFP, Capital Deepening, and Gains from Trade, with Ana Maria Santacreu and Michael Sposi,
Federal Reserve Bank of St. Louis Review, Third Quarter 2023.
Who’s Driving a Recent Decline in Life Expectancy?, with Iris Arbogast,
The Regional Economist, Third Quarter 2023.
How the Death Rate Affects the Aging of the US Population, with Iris Arbogast,
Economic Synopses, No. 8, 2023.
World Population: What Helps Explain the Explosion?, with Iris Arbogast,
The Regional Economist, Third Quarter 2022.
Long-Term Trends in Gasoline Prices, with Iris Arbogast,
Economic Synopses, No. 14, 2022.
Geographic Dispersion in U.S. Employment, with Iris Arbogast and Jesse LaBelle,
Economic Synopses, No. 9, 2022.
Stability and Equilibrium Selection in Learning Models: A Note of Caution, with YiLi Chien and In-Koo Cho,
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2021.
Convergence to Rational Expectations in Learning Models: A Note of Caution, with YiLi Chien and In-Koo Cho,
Federal Reserve Bank of St. Louis Review, Third Quarter 2021.
Asset Pricing Through the Lens of the Hansen-Jagannathan Bound, with Christopher Otrok,
Federal Reserve Bank of St. Louis Review, Third Quarter 2020.
Geographic Dispersion in COVID-19 Death Rates across the United States, with Guillaume Vandenbroucke,
Economic Synopses, No. 36, 2020.
COVID-19 Cases and Deaths: Comparing the Eighth Federal Reserve District and the U.S., with Guillaume Vandenbroucke,
Economic Synopses, No. 28, 2020.
Geographic Disparity in the U.S. Population, with Ryan Mather,
Economic Synopses, No. 27, 2020.
The Lost Weeks of COVID-19 Testing in the United States: Part II, with Makenzie Peake and Guillaume Vandenbroucke,
Economic Synopses, No. 25, 2020.
The Lost Weeks of COVID-19 Testing in the United States: Part I, with Makenzie Peake and Guillaume Vandenbroucke,
Economic Synopses, No. 24, 2020.
Geographic Disparity in U.S. Output, with Brian Reinbold,
Economic Synopses, No. 5, 2020.
Value-Added Trade vs. Gross Trade, with Brian Reinbold,
Economic Synopses, No. 3, 2020.
The Housing Supply Puzzle: Part 3, Price Gaps, with Evan Karson and Joseph McGillicuddy,
Economic Synopses, No. 11, 2018.
The Housing Supply Puzzle: Part 2, Rental Demand, with Evan Karson and Joseph McGillicuddy,
Economic Synopses, No. 10, 2018.
The Housing Supply Puzzle: Part 1, Divergent Markets, with Evan Karson and Joseph McGillicuddy,
Economic Synopses, No. 9, 2018.
Return to Capital in a Real Business Cycle Model, with Paul Gomme and Peter Rupert,
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2017.
Why Are Life-Cycle Earnings Profiles Getting Flatter?, with Guillaume Vandenbroucke,
Federal Reserve Bank of St. Louis Review, Third Quarter 2017.
Labor Compensation and Labor Productivity: Recent Recoveries and the Long-Term Trend, with Lin Shao,
Economic Synopses, No. 16, 2016.
Have Labor Costs Slowed the Recovery?, with Lin Shao,
Economic Synopses, No. 14, 2016.
Price Equalization Does Not Imply Free Trade, with Piyusha Mutreja, Raymond Riezman and Michael Sposi,
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2015.
Secular Stagnation and Returns on Capital, with Paul Gomme and Peter Rupert,
Economic Synopses, No. 19, 2015.
Accounting for Discouraged Workers in the Unemployment Rate, with Lin Shao,
Economic Synopses, No. 9, 2014.
Discouraged Workers: What do we know?, with Lin Shao,
Economic Synopses, No. 6, 2014.
Why was the Decline in U.S. Trade Larger This Time? A Global View, with Lin Shao and Michael Sposi,
The Regional Economist, October 2013.
Unemployment Benefits: How Much Money Goes Unclaimed?, with David Fuller and Yuzhe Zhang,
Economic Synopses, No. 18, 2013.
What Flattened the Earnings Profile of Recent College Graduates?, with Yu-Chien Kong,
Economic Synopses, No. 14, 2013.
Who is Concealing Earnings and Still Collecting Unemployment Benefits?, with David Fuller and Yuzhe Zhang,
The Regional Economist, April 2013.
Bouncing Back from the Great Recession: The United States versus Europe, with Thomas Cooley and Peter Rupert,
Economic Synopses, No. 32, 2012.
Unemployment Insurance Fraud, with David Fuller and Yuzhe Zhang,
Economic Synopses, No. 28, 2012.
Unemployment Insurance: Payments, Overpayments and Unclaimed Benefits, with David Fuller and Yuzhe Zhang,
The Regional Economist, October 2012.
Earnings Growth Over a Lifetime: Not What It Used To Be, with Yu-Chien Kong,
The Regional Economist, April 2012.
The Political Economy of Education Funding, with Gerhard Glomm and Ioana Schiopu,
Handbook of the Economics of Education, North Holland vol. 4, 2011.
Entrepreneurship, Organization Capital and the Evolution of the Firm, with Atsushi Oshima and Ray Riezman,
International Trade and Economic Dynamics, Essays in Memory of Koji Shimomura, edited by T. Kamihigashi and L. Zhao, 2009.
From Cronies to Professionals: The Evolution of Family Firms, with Utpal Bhattacharya,
Capital Formation, Governance and Banking, edited by E. Klein, New York: Nova Science Publishers, 2005.
On Education Finance: The Case of Poland, with Peter Bearse and Gerhard Glomm,
Economic Transformations and Integration: Problems, Arguments, Proposals, Systems Research Institute, Polish Academy of Sciences, Warsaw, Poland, 1998.
Equilibrium Theories of the Kuznets Curve: A Review, with Gerhard Glomm,
Cuadernos Economicos, (3) 1995.